Find the amount of annuity. Amount of each deposit:$6200 Deposited: semiannually Rate per year: 6% Number of years:5 Type of annuity: ordinary

asked Jun 12, 2019 146k views

1 vote

Find the amount of annuity.

Amount of each deposit:$6200
Deposited: semiannually
Rate per year: 6%
Number of years:5
Type of annuity: ordinary

by Lytze

6.1k points

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6 votes

6,200×(((1+0.06÷2)^(2×5)
−1)÷(0.06÷2))
=71,076.05

Jim Arnold answered Jun 17, 2019

6.1k points

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